High Prevalence of Diabetes Mellitus and Advancements in Technology to Augment Market
Within the blood glucose monitoring systems market at present, companies are increasingly focusing on the development of advanced next-generation glucose monitoring systems to gain an edge in the current market landscape. Non-invasive glucose monitoring techniques have gained noteworthy popularity over the past couple of decades, and the trend is set to continue to gain momentum during the forecast period. Technological advancements continue to drive innovations in the blood glucose monitoring systems market and improve diagnostic techniques and equipment. Research and development activities continue to explore and discover new non-invasive glucose monitoring techniques.
Over the past few years, research and development activities have put forward infrared spectroscopy– a novel technology that is expected to offer tremendous scope in the blood glucose monitoring systems market. Rapid advancements in technology and improvement in the reliability and calibrating methods of non-invasive devices are some of the factors that are expected to augment the growth of the market for blood glucose monitoring systems in the coming years.
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The high prevalence of diabetes worldwide is one of the major causes of morbidity and mortality in most regions around the world. Surge in the aging population worldwide, unhealthy dietary patterns, an increase in the number of individuals leading a sedentary lifestyle and obesity are expected to increase the prevalence of diabetes mellitus in the coming years which in turn is expected to propel the demand for advanced blood glucose monitoring systems. At the back of these factors coupled with favorable government policies, the global blood glucose monitoring systems market is expected to reach ~US$ 25 Bn by the end of 2027.
High Adoption of Non-invasive Monitoring Leveraging Optical Techniques Likely to Propel Market Growth
Due to the growing prevalence of diabetes mellitus across the world, the pursuit of efficient blood glucose monitoring systems has gained considerable pace over the past few years– a trend that is likely to continue during the forecast period. Governments of both the developing as well as developed nations of the world are increasingly encouraging research and development activities that aim to minimize health complications caused by blood glucose levels. Non-invasive blood glucose monitoring systems have gained considerable traction in recent years of which, vibrational spectroscopy-based techniques of the skin have emerged as promising candidates.
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At present, researchers are also increasingly investigating the potential benefits of deploying devices based on photoplethysmography, wherein wavelengths in near-infrared range are being considered for their exceptional capabilities of offering dependable blood glucose monitoring predictions. Optical glucose sensing is projected to remain one of the most critical types of treatment within the blood glucose monitoring systems market during the forecast period. Steady progress in biosensor technologies and growing emphasis on non-invasive blood glucose monitoring is expected to further accelerate the adoption of optical techniques in the blood glucose monitoring systems market. Advancements in technology have paved the way for a host of blood glucose monitoring systems and techniques, including Raman spectroscopy, fluorescence spectroscopy, absorption spectroscopy, photoacoustic spectroscopy, and ocular spectroscopy, among others.
The future of the blood glucose monitoring systems market is expected to hinge on the strides taken by nanotechnology and significant progress in biomaterials. Companies operating in the current market landscape are expected to develop glucose biosensors that are predominantly based on polymer nanocomposites, carbon nanotubes, and grapheme.
Market Participants Develop Smart Blood Glucose Monitoring Systems to Gain Advantage
With technology progressing at a rapid pace, several companies are inclined toward the development of advanced blood glucose monitoring systems based on these technologies. Participants in the blood glucose monitoring systems market are expected to collaborate with pharmaceutical companies to launch reliable next-generation glucose monitoring systems. For instance, in January 2019, Eris Lifesciences and India Medtronic Pvt. Ltd announced that the two companies are collaborating to formulate efficient diabetes monitoring programs and initiatives in India. Both companies will leverage expertise from one another to develop advanced blood glucose monitoring systems. Both the companies announced the launch of the smart continuous blood glucose monitoring system, which can be connected with smartphones to gain real-time data, including glucose levels without excessive hardware requirements. Moreover, established brands are also launching new products and expanding their product range to improve their market share. For instance, in January 2018, Abbott announced the launch of the FreeSbtyle Libre System, an advanced continuous glucose monitoring system.
Blood Glucose Monitoring Systems Market: Overview
- According to Transparency Market Research’s latest research report on the global blood glucose monitoring systems market for the historical period (2017–2018) and the forecast period (2019–2027), rise in prevalence of diabetes is anticipated to drive the global blood glucose monitoring systems market in the near future
- According to the report, the global blood glucose monitoring systems market was valued at US$ 15.4 Bnin 2018 and is projected to expand at a CAGR of5% from 2019 to 2027
Rise in Prevalence of Diabetes: A Key Driver for Blood Glucose Monitoring Systems Market
- Complex interaction between genes and environmental factors are responsible for causing type 1 diabetes. Obesity, dietary habits, family history of diabetes, and physical inactivity are the major risk factors for type 2 diabetes.
- Prevalence of diabetes is rising due to change in lifestyle, environmental factors, and genetic mutation. Moreover, obesity is a key risk factor responsible for causing diabetes.
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- According to the American Diabetes Association, an estimated 3 millionpeople in the U.S. had diabetes in 2015, among these 1.25 million were children
- According to the World Health Organization, an estimated 6 million deaths occurred due to diabetes in2016
- A report published by the World Health Organization stated that an estimated 422 millionadults were living with diabetes globally in 2014 and the prevalence is rising in the adult population
- According to the British Diabetic Association operating as Diabetes UK, in the K., 3.8 millionpeople were diagnosed with diabetes in 2019
- According to Diabetes U.K., 382 million adults across the globe aged between 20 and 79 had diabetes in 2012. This number is expected to reach 592 million by 2035. An estimated175 million people are undiagnosed with type 2 diabetes.
- Prevalence of diabetes is variable and is expected to increase in the near future
Increase in Awareness about Diabetes: Blood Glucose Monitoring Systems Market
- Diabetes is a leading cause of death across the world. Prevalence of diabetes is increasing in the adult as well as pediatric population.
- In November 2018, the American Diabetes Association entered into a partnership with American Heart Association to increase awareness about cardiovascular diseasescaused due to type 2 diabetes
- Diabetes is a leading cause of deaths in India. The Ministry of Health and Family Welfare (MoHFW) launched mDiabetes, a mobile health initiative for prevention and care of diabetes, in collaboration with the WHO Country Office for India and other partners.
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- The Division of Diabetes and Translation, a department of CDC, supports activities and programs to prevent type 2 diabetes and improve patient health outcomes
- In March 2015,the NHS and Public Health England launched a National NHS Diabetes Prevention Program. Prevalence of type 2 diabetes reduced in the U.K. due to this program.
- The National Programme for Prevention and Control of Cancers, Diabetes, Cardiovascular Diseases and Stroke is arranged by National Health Mission. The aim of the program is to strengthen the infrastructure, early diagnostics by primary healthcare system, and health prevention from diabetes.
- In November 2018, Onduo conducted a virtual diabetes program for people living with type 2 diabetes in Georgia
High Cost of Blood Glucose Monitoring Systems to Hamper Global Market
- Cost is a major factor influencing the selection of treatment. The cost of traditional methods for diabetes management is less than that for digital diabetes management.
- The cost of digital diabetes management devices is a barrier in the treatment of type 1 diabetes in adults
- According to an article published in AJMC, the estimated cost of insulin infusion pumpper person is about US$ 4,500, with additional cost for supplies exceeding US$ 1,500 per year
- Hence, the high cost of the blood glucose monitoring systems can restrain the market
Patient and Provider Burden to Restrain Global Blood Glucose Monitoring Systems Market
- Diabetes is among the leading causes of death across the globe. According to the World Health Organization, prevalence of diabetes is increasing in low and middle income countries. The prevalence of diabetes increased from 7 %in 1980 to 8.5% in 2014.
- According to the Centers for Diseases Control and Prevention, an estimated 3 million people in the U.S. had diabetes in 2017
- According to the National Institute of Diabetes and Digestive and Kidney Diseases, in the S., 23.1 millionpatients were diagnosed with diabetes at a cost of more than US$ 245 Mn per year
- Lack of providers affects people with diabetes in rural areas
- Rise in prevalence of diabetes is increasing the demand and supply gap for healthcare providers
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Blood Glucose Monitoring Systems Market: Competition Landscape
- This report profiles major players operating in the global blood glucose monitoring systems market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global blood glucose monitoring systems market is moderately fragmented, with the presence of a few large players in the international market and numerous small players in regional markets. The top four to five players hold major share of the global blood glucose monitoring systems market.
- Prominent players operating in the global blood glucose monitoring systems market include
- Abbott
- Medtronic
- Hoffmann-La Roche Ltd
- Braun Melsungen AG
- AgaMatrix
- Sanofi-aventis
- SD Biosensor, INC
- LifeScan
- Ascensia Diabetes Care
- Prodigy Diabetes Care, LLC
- Nipro
- Dexcom, Inc.
- Ypsomed AG
- Senseonics
- ACON Laboratories, Inc.
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